Operating income increased 9% year over
year to $7.7 million; Non-GAAP operating income increased 10%
to a record-breaking $10.0 million; EPS increased by 11% and
17% on a GAAP and non-GAAP basis, respectively
Magic Software Enterprises Ltd. (NASDAQ and TASE:
MGIC), a global provider of end-to-end integration and
application development platforms solutions and IT consulting
services, announced today its financial results for the third
quarter and nine months ended September 30, 2018.
Financial Highlights for the Third
Quarter Ended September 30, 2018
- Revenues for the third quarter
increased 10% to a record-breaking $72.1 million compared to
$65.7 million in the same period last year.
- Operating income for the third
quarter increased 9% to $7.7 million compared to $7.1 million
in the same period last year.
- Non-GAAP operating income for the
third quarter increased 10% to a record-breaking $10.0 million
compared to $9.1 million in the same period last year.
- Net income attributable to Magic's
shareholders for the third quarter increased 33% to
$5.0 million, or $0.10 per fully diluted share, compared to
$3.8 million, or $0.09 per fully diluted share in the same
period last year.
- Non-GAAP net income attributable to
Magic's shareholders for the third quarter increased 30% to
$6.8 million, or $0.14 per fully diluted share, compared to
$5.2 million, or $0.12 per fully diluted share, in the same
period last year.
- On July 12, 2018, Magic issued
4,268,293 of its ordinary shares at a price of $8.20 per share in a
private placement, for net proceeds of approximately $34.5 million
to Israeli institutional investors and to its controlling
shareholder, Formula Systems (1985) Ltd.
Financial Highlights for the Nine-Month
Period Ended September 30, 2018
- Revenues for the first nine months
of 2018 increased 11% to $212.1 million compared to
$191.9 million in the same period last year.
- Operating income for the first nine
months increased 18% to $23.3 million compared to
$19.8 million in the same period last year.
- Non-GAAP operating income for the
first nine months of 2018 increased 12% to $29.5 million
compared to $26.4 million in the same period last year.
- Net income attributable to Magic's
shareholders for the first nine months increased 32% to
$15.3 million, or $0.33 per fully diluted share, compared to
$11.6 million, or $0.26 per fully diluted share in the same
period last year.
- Non-GAAP net income attributable to
Magic's shareholders for the first nine months increased 19% to
$19.9 million, or $0.43 per fully diluted share, compared to
$16.7 million, or $0.38 per fully diluted share, in the same
period last year.
- Cash flow from operating
activities for the first nine months of 2018
amounted to $20.3 million compared to
$16.7 million in the same period last year.
- As of September 30, 2018,
Magic’s net cash, cash equivalents, short and long-term bank
deposits and marketable securities, offset by financial
liabilities, amounted to $86.1 million.
Guy Bernstein, Chief Executive Officer of Magic
Software Enterprises, said:
“We are pleased, once again, to report
record-breaking results, with quarterly revenues of $72 million and
non-GAAP operating income of $10.0 million reflecting a year over
year increase of 10% on both accounts. Our strong performance based
on organic growth reflects the solid demand for our software
solutions and professional services which serve to help our
customers on their digital transformation journey. We continue
working towards building closer client relationships, investing in
those relationships, and building a strong foundation for
growth.
“We concluded this quarter with a successful
private placement of $35 million, testament to our investors’
continued confidence in Magic, demonstrating that we are
well-positioned to increase value for our shareholders and clients
organically and through mergers and acquisitions and we look
forward to ending the year with even more positive results.”
Conference Call Details
Magic’s management will host a conference call
on Tuesday, November 13, at 10:00 am Eastern Daylight Time (7:00 am
Pacific Daylight Time, 17:00 Israel Daylight Time) to review and
discuss Magic’s results.
To participate, please call one of the following
teleconferencing numbers. Please begin placing your calls at least
10 minutes before the conference call commences. If you are unable
to connect using the toll-free numbers, call the international
dial-in number.
NORTH AMERICA: +1-888-407-2553 UK:
0-800-917-5108 ISRAEL: 03-918-0610 ALL OTHERS:
+972-3-918-0610
For those unable to join the live call, a replay
of the call will be available for three months, under the Investor
Relations section of Magic’s website, www.magicsoftware.com.
Non-GAAP Financial Measures
This press release contains the following
non-GAAP financial measures: Non-GAAP gross profit, Non-GAAP
operating income, Non-GAAP net income attributed to Magic’s
shareholders and Non-GAAP basic and diluted earnings per share.
Magic believes that these non-GAAP measures of
financial results provide useful information to management and
investors regarding certain financial and business trends relating
to Magic's financial condition and results of operations. Magic's
management uses these non-GAAP measures to compare the Company's
performance to that of prior periods for trend analyses, for
purposes of determining executive and senior management incentive
compensation and for budgeting and planning purposes. These
measures are used in financial reports prepared for management and
in quarterly financial reports presented to the Company's board of
directors. The Company believes that the use of these non-GAAP
financial measures provides an additional tool for investors to use
in evaluating ongoing operating results and trends and in comparing
the Company's financial measures with other software companies,
many of which present similar non-GAAP financial measures to
investors.
Management of the Company does not consider
these non-GAAP measures in isolation or as an alternative to
financial measures determined in accordance with GAAP. The
principal limitation of these non-GAAP financial measures is that
they exclude significant expenses and income that are required by
GAAP to be recorded in the Company's financial statements. In
addition, they are subject to inherent limitations as they reflect
the exercise of judgment by management about which expenses and
income are excluded or included in determining these non-GAAP
financial measures. In order to compensate for these limitations,
management presents non-GAAP financial measures in connection with
GAAP results. Magic urges investors to review the reconciliation of
its non-GAAP financial measures to the comparable GAAP financial
measures, which it includes in press releases announcing quarterly
financial results, including this press release, and not to rely on
any single financial measure to evaluate the Company's
business.
Non-GAAP measures used in this press release are
included in the financial tables of this release. These non-GAAP
measures exclude the following items:
- Amortization of purchased
intangible assets and other related costs;
- In-process research and development
capitalization and amortization;
- Equity-based compensation
expenses;
- The related tax, non-controlling
interests and redeemable non-controlling interests effects of the
above items;
- Change in valuation of contingent
consideration related to acquisitions;
- Change in value of put options of
redeemable non-controlling interests.
- Change in deferred tax assets on
carry forward tax losses.
Reconciliation tables of the most comparable
GAAP financial measures to the non-GAAP financial measures used in
this press release are included in the financial tables of this
release.
About Magic Software Enterprises
Magic Software Enterprises Ltd. (NASDAQ and
TASE: MGIC) is a global provider of mobile and cloud-enabled
application and business integration platforms.
For more information, visit
www.magicsoftware.com.
Forward Looking Statements
Some of the statements in this press release may
constitute “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities and Exchange Act of 1934 and the United States Private
Securities Litigation Reform Act of 1995. Words such as "will,"
“look forward”, "expect," "believe" and similar expressions are
used to identify these forward-looking statements (although not all
forward-looking statements include such words). These
forward-looking statements, which may include, without limitation,
projections regarding our future performance and financial
condition, are made on the basis of management’s current views and
assumptions with respect to future events. Any forward-looking
statement is not a guarantee of future performance and actual
results could differ materially from those contained in the
forward-looking statement. These statements speak only as of the
date they were made, and we undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. We operate in a changing
environment. New risks emerge from time to time and it is not
possible for us to predict all risks that may affect us. For more
information regarding these risks and uncertainties as well as
certain additional risks that we face, you should refer to the Risk
Factors detailed in our Annual Report on Form 20-F for the year
ended December 31, 2017 and subsequent reports and filings made
from time to time with the Securities and Exchange Commission.
Magic® is a registered trademark of Magic
Software Enterprises Ltd. All other product and company names
mentioned herein are for identification purposes only and are the
property of, and might be trademarks of, their respective
owners.
Press Contact:
Danielle Dikman | Legal Assistant Magic
Software
Enterprises ir@magicsoftware.com MAGIC
SOFTWARE ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
U.S. Dollars in thousands (except per share
data)
|
|
Three months ended |
|
|
Nine months ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
Unaudited |
|
|
Unaudited |
|
Revenues |
|
$ |
72,135 |
|
|
$ |
65,661 |
|
|
$ |
212,082 |
|
|
$ |
191,901 |
|
Cost of Revenues |
|
|
50,626 |
|
|
|
44,327 |
|
|
|
145,354 |
|
|
|
130,106 |
|
Gross
profit |
|
|
21,509 |
|
|
|
21,334 |
|
|
|
66,728 |
|
|
|
61,795 |
|
Research
and development, net |
|
|
1,281 |
|
|
|
1,669 |
|
|
|
4,399 |
|
|
|
5,192 |
|
Selling,
marketing and general and administrative expenses |
|
|
12,521 |
|
|
|
12,569 |
|
|
|
39,071 |
|
|
|
36,828 |
|
Total
operating costs and expenses |
|
|
13,802 |
|
|
|
14,238 |
|
|
|
43,470 |
|
|
|
42,020 |
|
Operating income |
|
|
7,707 |
|
|
|
7,096 |
|
|
|
23,258 |
|
|
|
19,775 |
|
Financial income (expenses), net |
|
|
(286 |
) |
|
|
(343 |
) |
|
|
161 |
|
|
|
(1,165 |
) |
Income before taxes on income |
|
|
7,421 |
|
|
|
6,753 |
|
|
|
23,419 |
|
|
|
18,610 |
|
Taxes on
income |
|
|
1,475 |
|
|
|
2,133 |
|
|
|
4,885 |
|
|
|
4,967 |
|
Net
income |
|
$ |
5,946 |
|
|
$ |
4,620 |
|
|
$ |
18,534 |
|
|
$ |
13,643 |
|
Net
income attributable to redeemable non-controlling interests |
|
|
(588 |
) |
|
|
(772 |
) |
|
|
(2,005 |
) |
|
|
(1,644 |
) |
Net
income attributable to non-controlling interests |
|
|
(313 |
) |
|
|
(49 |
) |
|
|
(1,186 |
) |
|
|
(353 |
) |
Net
income attributable to Magic's shareholders |
|
$ |
5,045 |
|
|
$ |
3,799 |
|
|
$ |
15,343 |
|
|
$ |
11,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.10 |
|
|
$ |
0.09 |
|
|
$ |
0.33 |
|
|
$ |
0.26 |
|
Diluted |
|
$ |
0.10 |
|
|
$ |
0.09 |
|
|
$ |
0.33 |
|
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computing net earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
48,799 |
|
|
|
44,450 |
|
|
|
45,926 |
|
|
|
44,423 |
|
|
|
|
|
|
|
|
. |
|
|
|
|
|
|
|
|
|
Diluted |
|
|
48,959 |
|
|
|
44,609 |
|
|
|
46,075 |
|
|
|
44,587 |
|
Summary of Non-GAAP Financial Information
U.S. Dollars in thousands (except per share
data)
|
|
Three months ended |
|
|
Nine months ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
72,135 |
|
|
|
100 |
% |
|
$ |
65,661 |
|
|
|
100 |
% |
|
$ |
212,082 |
|
|
|
100 |
% |
|
$ |
191,901 |
|
|
|
100 |
% |
Gross
profit |
|
|
22,945 |
|
|
|
31.8 |
% |
|
|
22,794 |
|
|
|
34.7 |
% |
|
|
70,954 |
|
|
|
33.5 |
% |
|
|
66,429 |
|
|
|
34.6 |
% |
Operating income |
|
|
9,967 |
|
|
|
13.8 |
% |
|
|
9,069 |
|
|
|
13.8 |
% |
|
|
29,494 |
|
|
|
13.9 |
% |
|
|
26,428 |
|
|
|
13.8 |
% |
Net
income attributable to Magic's shareholders |
|
|
6,791 |
|
|
|
9.4 |
% |
|
|
5,227 |
|
|
|
8.0 |
% |
|
|
19,942 |
|
|
|
9.4 |
% |
|
|
16,705 |
|
|
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.14 |
|
|
|
|
|
|
$ |
0.12 |
|
|
|
|
|
|
$ |
0.43 |
|
|
|
|
|
|
$ |
0.38 |
|
|
|
|
|
Diluted earnings per
share |
|
$ |
0.14 |
|
|
|
|
|
|
$ |
0.12 |
|
|
|
|
|
|
$ |
0.43 |
|
|
|
|
|
|
$ |
0.38 |
|
|
|
|
|
MAGIC SOFTWARE ENTERPRISES LTD.
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
U.S.
Dollars in thousands (except per share data)
|
|
Three months ended |
|
|
Nine months ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
21,509 |
|
|
$ |
21,334 |
|
|
$ |
66,728 |
|
|
$ |
61,795 |
|
Amortization of capitalized software and acquired technology |
|
|
1,306 |
|
|
|
1,307 |
|
|
|
3,834 |
|
|
|
4,142 |
|
Amortization of other intangible assets |
|
|
130 |
|
|
|
152 |
|
|
|
390 |
|
|
|
486 |
|
Stock-based compensation |
|
|
- |
|
|
|
1 |
|
|
|
2 |
|
|
|
6 |
|
Non-GAAP gross profit |
|
$ |
22,945 |
|
|
$ |
22,794 |
|
|
$ |
70,954 |
|
|
$ |
66,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating income |
|
$ |
7,707 |
|
|
$ |
7,096 |
|
|
$ |
23,258 |
|
|
$ |
19,775 |
|
Gross
profit adjustments |
|
|
1,436 |
|
|
|
1,460 |
|
|
|
4,226 |
|
|
|
4,634 |
|
Amortization of other intangible assets |
|
|
1,441 |
|
|
|
1,698 |
|
|
|
4,374 |
|
|
|
4,876 |
|
Increase
in valuation of contingent consideration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
related to acquisitions |
|
|
- |
|
|
|
(380 |
) |
|
|
140 |
|
|
|
64 |
|
Capitalization of software development |
|
|
(809 |
) |
|
|
(813 |
) |
|
|
(2,702 |
) |
|
|
(2,953 |
) |
Stock-based compensation |
|
|
192 |
|
|
|
8 |
|
|
|
198 |
|
|
|
32 |
|
Non-GAAP operating income |
|
$ |
9,967 |
|
|
$ |
9,069 |
|
|
$ |
29,494 |
|
|
$ |
26,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
net income attributable to Magic's shareholders |
|
$ |
5,045 |
|
|
$ |
3,799 |
|
|
$ |
15,343 |
|
|
$ |
11,646 |
|
Operating income adjustments |
|
|
2,260 |
|
|
|
1,973 |
|
|
|
6,236 |
|
|
|
6,653 |
|
Amortization expenses attributed to non-controlling interests and
redeemable non-controlling interests |
|
|
(341 |
) |
|
|
(627 |
) |
|
|
(1,072 |
) |
|
|
(1,392 |
) |
Deferred
taxes on the above items |
|
|
(173 |
) |
|
|
82 |
|
|
|
(565 |
) |
|
|
(202 |
) |
Non-GAAP net income attributable to Magic's
shareholders |
|
$ |
6,791 |
|
|
$ |
5,227 |
|
|
$ |
19,942 |
|
|
$ |
16,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
basic net earnings per share |
|
$ |
0.14 |
|
|
$ |
0.12 |
|
|
$ |
0.43 |
|
|
$ |
0.38 |
|
Weighted
average number of shares used in computing basic net earnings per
share |
|
|
48,799 |
|
|
|
44,450 |
|
|
|
45,926 |
|
|
|
44,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
diluted net earnings per share |
|
$ |
0.14 |
|
|
$ |
0.12 |
|
|
$ |
0.43 |
|
|
$ |
0.38 |
|
Weighted
average number of shares used in computing diluted net earnings per
share |
|
|
48,971 |
|
|
|
44,610 |
|
|
|
46,079 |
|
|
|
44,589 |
|
MAGIC SOFTWARE ENTERPRISES
LTD.CONDENSED CONSOLIDATED BALANCE
SHEETSU.S. Dollars in thousands
|
|
September 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2017 |
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
106,757 |
|
|
$ |
76,076 |
|
Short-term bank deposits |
|
|
- |
|
|
|
732 |
|
Marketable securities |
|
|
11,919 |
|
|
|
14,138 |
|
Trade receivables, net |
|
|
83,412 |
|
|
|
82,051 |
|
Other accounts receivable and prepaid expenses |
|
|
11,268 |
|
|
|
8,643 |
|
Total
current assets |
|
|
213,356 |
|
|
|
181,640 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM RECEIVABLES: |
|
|
|
|
|
|
|
|
Severance
pay fund |
|
|
3,174 |
|
|
|
3,226 |
|
Deferred tax assets |
|
|
2,336 |
|
|
|
2,990 |
|
Other long-term receivables |
|
|
5,891 |
|
|
|
2,015 |
|
Total
long-term receivables |
|
|
11,401 |
|
|
|
8,231 |
|
|
|
|
|
|
|
|
|
|
PROPERTY
AND EQUIPMENT, NET |
|
|
3,132 |
|
|
|
3,468 |
|
IDENTIFIABLE INTANGIBLE ASSETS AND |
|
|
|
|
|
|
|
|
GOODWILL, NET |
|
|
140,155 |
|
|
|
149,200 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
368,044 |
|
|
$ |
342,539 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
Short-term debt |
|
$ |
8,877 |
|
|
$ |
9,771 |
|
Trade payables |
|
|
13,737 |
|
|
|
12,185 |
|
Accrued expenses and other accounts payable |
|
|
23,994 |
|
|
|
27,789 |
|
Liabilities due to acquisition activities |
|
|
1,062 |
|
|
|
3,906 |
|
Deferred revenues and customer advances |
|
|
6,938 |
|
|
|
5,586 |
|
Total
current liabilities |
|
|
54,608 |
|
|
|
59,237 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
25,204 |
|
|
|
27,814 |
|
Deferred tax liability |
|
|
10,801 |
|
|
|
11,331 |
|
Long-term liabilities due to acquisition activities |
|
|
208 |
|
|
|
581 |
|
Accrued severance pay |
|
|
3,903 |
|
|
|
4,174 |
|
Total
non-current liabilities |
|
|
40,116 |
|
|
|
43,900 |
|
|
|
|
|
|
|
|
|
|
REDEEMABLE NON-CONTROLLING INTERESTS |
|
|
25,863 |
|
|
|
25,839 |
|
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
|
Magic Software Enterprises equity |
|
|
243,229 |
|
|
|
210,281 |
|
Non-controlling interests |
|
|
4,228 |
|
|
|
3,282 |
|
Total
equity |
|
|
247,457 |
|
|
|
213,563 |
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY |
|
$ |
368,044 |
|
|
$ |
342,539 |
|
MAGIC SOFTWARE ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS U.S. Dollars in
thousands
|
|
For the nine months ended September
30, |
|
|
|
2018 |
|
|
2017 |
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
18,534 |
|
|
$ |
13,643 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
9,501 |
|
|
|
10,308 |
|
Stock-based compensation |
|
|
200 |
|
|
|
39 |
|
Amortization of marketable securities premium and accretion of
discount |
|
|
165 |
|
|
|
154 |
|
Gains reclassified into earnings from marketable securities |
|
|
- |
|
|
|
(106 |
) |
Increase in trade receivables, net |
|
|
(3,328 |
) |
|
|
(11,568 |
) |
Increase in other long-term and short-term accounts receivable and
prepaid expenses |
|
|
(5,107 |
) |
|
|
(1,279 |
) |
Increase (decrease) in trade payables |
|
|
1,822 |
|
|
|
(535 |
) |
Change in
value of loans |
|
|
(1,274 |
) |
|
|
3,068 |
|
Increase (decrease) in accrued expenses and other accounts
payable |
|
|
(2,226 |
) |
|
|
1,083 |
|
Increase in deferred revenues |
|
|
1,641 |
|
|
|
2,658 |
|
Change in deferred taxes, net |
|
|
349 |
|
|
|
(723 |
) |
Net
cash provided by operating activities |
|
|
20,277 |
|
|
|
16,742 |
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized software development costs |
|
|
(2,702 |
) |
|
|
(2,953 |
) |
Purchase of property and equipment |
|
|
(615 |
) |
|
|
(1,177 |
) |
Cash
paid in conjunction with acquisitions, net of acquired cash |
|
|
(3,545 |
) |
|
|
(5,819 |
) |
Proceeds from maturity of marketable securities |
|
|
2,000 |
|
|
|
3,225 |
|
Investment in marketable securities and short-term bank
deposits |
|
|
(760 |
) |
|
|
(2,615 |
) |
Short-term loan to a related-party |
|
|
- |
|
|
|
1,183 |
|
Net
cash used in investing activities |
|
|
(5,622 |
) |
|
|
(8,156 |
) |
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of options by employees |
|
|
238 |
|
|
|
427 |
|
Issuance
of ordinary shares, net |
|
|
34,569 |
|
|
|
- |
|
Dividend paid |
|
|
(13,541 |
) |
|
|
(9,360 |
) |
Dividend paid to non-controlling interests |
|
|
(69 |
) |
|
|
(570 |
) |
Dividend paid to redeemable non-controlling interests |
|
|
(2,074 |
) |
|
|
(2,886 |
) |
Change in short-term and long-term loan from banks, net |
|
|
(1,938 |
) |
|
|
3,512 |
|
Net
cash provided by (used in) financing activities |
|
|
17,185 |
|
|
|
(8,877 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(1,159 |
) |
|
|
2,148 |
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents |
|
|
30,681 |
|
|
|
1,857 |
|
Cash
and cash equivalents at the beginning of the year |
|
|
76,076 |
|
|
|
75,314 |
|
Cash and cash equivalents at the end of the period |
|
$ |
106,757 |
|
|
$ |
77,171 |
|
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